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Exercise 4-1 Computing revenues, expenses, and income LO C1, C2 Fill in the blanks in the following separate income statements a through e. (Amounts to be deducted should be indicated by a minus sign.) a b d e Sales $ 71,000 $ 44,200 $ 42,000 $ 25,500 7,900 4,540 60,000 6,900 Cost of goods sold Merchandise inventory (beginning) Total cost of merchandise purchases Merchandise inventory (ending) Cost of goods sold Gross profit Expenses Net income (loss) 33,060 16,600 7,000 7,000 27,000 (3,000) (8,100) (6,300) 18,000 3,400 49,400 10,650 10,350 3,600 $ 15,550 $ (6,950) $ 45,800 6,900 25,000 7,800